Macau casino stocks have acted well in recent weeks, catching strong buying waves in sympathy with Chinese big tech and growth plays that have broken out to 2017 and all-time highs. The upticks could signal better times for the Special Administrative Region, which has suffered through player losses in recent years, triggered by a variety of draconian government-dictated cash controls.
Two devastating storms pummeled the region in August, cutting into revenues, but major operations have held up surprisingly well. In turn, this has encouraged early September buying interest that has lifted top-tier players to 52-week and multi-year highs. Third quarter results are likely to take a hit that is not reflected in current pricing, but market players may forgive and forget because the region reported 12 straight months of growth prior to the deluge. (See also: How Macau Became a Mecca for High Rolling Gamblers.)
Macau stocks are challenging 2017 highs after shaking off revenue hits following two devastating August storms. …read more
Read more here: Macau Casino Stocks Head for New Highs
Category: WYNN, LVS, MLCO